S&P cuts rating of Vedanta parent, flags default risk – Newz9

MUMBAI: Rating company S&P has downgraded Anil Agarwal‘s Vedanta Resources to ‘CC’, citing the corporate’s choice to increase the maturity of its worldwide bonds as a ‘distressed trade‘. The UK-included Vedanta Resources, the guardian firm of India-listed Vedanta Limited, has been retained on credit score watch with unfavourable implications.
The rating company had earlier downgraded the corporate to ‘CCC’ in September 2023 as a result of of a chance that Vedanta Resources will go for extending the maturity of its bonds.S&P stated that if Vedanta Resources didn’t proceed with the maturity extension transaction, there are rising dangers of a cost default. TNN